LONDON Dec 5 Citigroup has started a sale
process for its consumer banking operations in Turkey and has
held talks on a possible deal, a person familiar with the matter
Citigroup said earlier on Wednesday it was cutting 11,000
jobs worldwide to save as much as $1.1 billion a year in costs,
and that plan would include selling or significantly scaling
back its consumer operations in Turkey.
Citi has more than 2,000 staff in Turkey, where it operated
its first branch in 1981. It launched its consumer banking
business there in 1996 and in 2006 bought a 20 percent stake in
Akbank, the country's largest privately owned bank, but sold
half that stake in May.